Binance supports the proposal of Thailand’s former Prime Minister to launch a pilot Bitcoin project

Binance has voiced support for a proposal from former Thai Prime Minister Thaksin Shinawatra to launch a pilot Bitcoin payment project in Thailand, specifically targeting Phuket as a “Bitcoin sandbox” for tourism. This initiative, endorsed by Binance’s Thai arm, aims to integrate Bitcoin into Phuket’s economy, aligning with Thailand’s reliance on tourism and foreign investments. Nirun Fuwattananukul, CEO of Gulf Binance (a joint venture between Binance Thailand and Gulf Innova), emphasized that adopting cryptocurrency could attract tech-savvy visitors and investors, enhancing Thailand’s position in the global economy.

Fuwattananukul sees the project as an important step to ensure Thailand does not fall behind other countries, like the U.S. and Japan, which are increasingly adopting Bitcoin as an alternative currency. However, Thailand’s laws currently restrict payments to the local currency, which will require the Bank of Thailand (BOT) to carefully assess the risks and benefits of integrating Bitcoin into the payment system. This pilot project would allow the BOT to evaluate how cryptocurrency adoption could affect monetary flow and economic stability.

Thailand’s regulatory landscape is divided, with the Bank of Thailand overseeing payment systems, and the Thai Securities and Exchange Commission (SEC) regulating digital assets. For the Bitcoin pilot to succeed, both the central bank and the SEC will need to collaborate on creating a regulatory framework that addresses key concerns such as consumer protection, anti-money laundering measures, and financial stability. Additionally, the framework must ensure that Bitcoin payments comply with Thailand’s existing monetary policies and currency controls.

Binance has been keen to expand its presence in Thailand, which is becoming increasingly open to crypto regulations. According to Binance CMO Rachel Conlan, Thailand ranks among the top 20 markets for the exchange, with local crypto penetration at 12%, double the global average of 6%. As Thailand continues to explore crypto adoption, this Bitcoin payment pilot project could play a significant role in shaping the country’s digital currency landscape.